Swisher Hygiene Acquires Healthcare and Hospitality Division of Solvents and Petroleum Service, Inc. and ADCO Services, Inc.
CHARLOTTE, N.C., March 8, 2011 (GLOBE NEWSWIRE) -- Swisher Hygiene Inc. ("Swisher Hygiene") (Nasdaq:SWSH - News) (TSX:SWI - News), a leading provider of essential hygiene and sanitation products and services, today announced that it has acquired the healthcare and hospitality division of Solvents and Petroleum Service, Inc. ("SPS"), a New York-based hygiene and chemicals company, and ADCO Services, Inc. ("ADCO"), an Atlanta-based hygiene and chemicals company.
The healthcare and hospitality division at SPS has been in existence since 2002 and serves the Syracuse and Rochester markets through the provision of specialty chemicals and service programs such as warewash, laundry, housekeeping and floor care, with its products delivered by SPS. Concurrent with the acquisition, Steve McIlroy, the head of the healthcare and hospitality division at SPS, has been appointed General Manager, and SPS will continue to distribute the division's products.
ADCO has been in existence since 2004 serving the Greater Atlanta market and provides specialty chemicals and service programs such as warewash, laundry, housekeeping and floor care, with its products primarily delivered directly to customers. Concurrent with the acquisition, Daniel Ryan, a principal of ADCO, will assist in the assimilation of the ADCO business and then will become General Manager of Swisher Hygiene's New Mexico market.
"These acquisitions will further our geographic imprint in the Northeast and the important Atlanta markets and will be a strong value-add to our current offerings," said Steven R. Berrard, Chief Executive Officer of Swisher Hygiene. "Steve's 15 years and Daniel's 14 years of experience in the specialty chemical, healthcare and hospitality industries will bolster Swisher Hygiene's presence in those areas and allow us to capitalize on their expertise as we continue to provide customers with essential hygiene and sanitation solutions."
Total consideration paid by Swisher Hygiene in connection with the acquisitions was US$0.7 million, consisting of US$0.2 million in cash, the assumption of certain liabilities and the issuance of 93,306 shares of Swisher Hygiene common stock subject to certain restrictions, including acceptance by the Toronto Stock Exchange. |
